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WorksheetsPre-Test - LAS 1 - FABM1
Total questions: 15
Worksheet time: 5mins
Which of the following statements regarding recording of events is valid.
Both non-accountable and accountable events are recorded in the accounting books
Only accountable events are recorded in the accounting books
Only non-accountable event is recorded in the accounting books
Neither non-accountable nor accountable events are recorded in the accounting books
Which of the following is not an appropriate description of accounting?
Accounting is an information system.
Accounting is an exact science rather that an art.
Accounting is the language of business
Accounting is a service activity
The types of information provided by accounting is/are.
Financial Information
Qualitative information
Qualitative information
All the above
This is a process of identifying, recording and communicating economic information that is useful in making economic decisions.
Accounting
Auditing
Bookkeeping
Marketing
In accounting, the term “recording” is also called?
Communicating
Debiting
Journalizing
Videoing
Which of the following accounting processes comes first ahead of the others?
Communicating
Identifying
Interpreting
Recording
The events that affect the entity and in which other entities participate are known as:
Current events
External events
Internal events
Obligating events
This essential element of the definition of accounting is the
recognition of business activities as accountable events.
Communicating
Identifying
Measuring
Reporting
Statement I: Financial information is expressed in terms of Money
Statement II: Financial information is qualitative information.
False; False
False; True
True; True
True; False
He is considered as the father of modern accounting.
Amatino Manucci
Devin Pascoli
Fra Luca Pacioli
Jacques Savary
The primary responsible for the financial information of an entity is:
Employees
Investors
Management
Stockholders
The most common financial attribute used in measuring financial information is.
Current cost
Historical cost
Present value
Realizable value
What are the three main areas in the practice of the accountancy profession?
Auditing, taxation, managerial
Financial, managerial, corporate
Public, private, managerial
Public, private, government
All of the following are represents in FRSC, except?
BOA
COA
DBM
SEC
It is the standard-setting body in the Philippines at the present time.
ASC
Auditing and Assurance Standards Council
Financial Reporting Standards Council
Philippine Accounting Standards Board
